Make More Money From Your Ideas
Learn how to turn your ideas into profitable products and sell them on and off the Internet. Discover the secrets of Internet marketing and Web design that turn your ideas and your Web site into a money-making machine.
02 June 2005
Offer a money-back guarantee
I recently said in my newsletter:
I also asked readers for their own experiences with offering guarantees. Click the comments link below to see some of the responses.
"Give a rock-solid, iron-clad, easy-to-invoke, no-questions-asked 100% money-back guarantee.
Most customers are honest people who'd just like some reassurance that they are making a good buying decision. So they appreciate the fact that you're reversing the risk, and that makes them more likely to buy in the first place.
Sure, you will get the occasional person who exploits your guarantee. But in most markets, they are the exception, not the norm. You'll get far more sales and greater profits from your guarantee than you'll lose by those who exploit it."
I also asked readers for their own experiences with offering guarantees. Click the comments link below to see some of the responses.
Labels: guarantee, sales conversion
Comments:
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I haven't written a guarantee due to the fact that a speaker may say or do something that is outside my control. What are your thoughts on how I could word a guarantee being a speakers bureau?
I offer 100% guarantee on my speaking presentations, not my books or tapes. Books & tapes are 'damaged goods' as soon as they've used, so the money I've already spent creating them is an expense, whereas my presentations are my time. Of course this would be a shame, but not a direct cost - and in any case have never been asked for a return.
We sell engineering software for a US company and they have unique revenue recognition requirements for multi-year deals. This means that giving the money back causes problems with the revenue recognition. However, locally, one of the issues that I have is that engineers do not seem to respond well to the retail style marketing "speak" like "Money back guarantee", "You can't lose", "FREE bonus". I am not sure why this is, but we find that we can alienate our customers if we use this style of "pushy" sales-speak.
We offer a 30 day guarantee on all coaching and speaking services. ON our main product, it is a 90 day guarantee. If they don't think they get the results they should and can show they have used it, we give them their money back. They can keep the product. No claims on our guarantee have been made yet.
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Welcome, and thanks for reading Make More Money From Your Ideas, where I answer your questions about turning your ideas into profitable products that you can sell on and off the Internet.
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Gihan Perera
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